The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1887-10-27
Farmer and Wool Grower on
Tariff Taxation.

Ny FELLOW CITtzENs-We are con-
fronted by question OF transcendent i'm
portance. It is question which cannot
be Ignored, slurred over, postposed or
pushed aside. Like the slavery question
in the Territories, Ike the duty OF sup
pressing the rebellion, like the necessity Of
passing measures of reconstruction, like
the restoration of the currencg to specie
basis, it will not admit Of delay. 1t is not
the only important question, but it is the
emergent one.
The question of which I speak is this,
namely: We have great and rapidly in
creasing surplus in the public treasury; on
the average for the last FIVE years, more
than 800, 600, 600 have annually been col
leet5d above the ordinary current require
ments OF the government. Heretofore the
excess of recei pts has been used to redeem
the obligations of the government. But all
our bonds that have become due have been
paid of. No more will become payable
for several years. and those outstanding
cannot be paid of unless the government
goes into the market and buys them as any
other purchaser. If it should do that, to
the extent of the surplus revenue it is now
collecting, the bonds would at once greatly
appreciate in value, and the bondholders
would make great gains at the expense of
the people. To enter en- the policy of the
governments purchasing it's own bonds in
open market would be such a wasteful
policy that think NO respectable statesman
OF any party has ever proposed it. But it
In obvious that unless something is done.
and done very speedily, either to lessen the
amount of taxes low being collected, or to
adopt measures to increase the expendi-
lures of the government on a great scale.
q Ior oE tho oe L.,
country will be locked up in the treasury
vaults. Every one can see that the alb
straction of ten or twelve millions of dol
lara month from the currency of the
country Swin sosn create financial
panic. Let that be done for few months
only. and individuals and BANKS will be-
gin to hoard money, and the currency
stringency will result in the greatest dis
aster and ruin. Property of every descrip-
don will fall in value. Labor will de-
preciate in price. Manufactures will be
closed. Thousands will be thrown out of
employment. Merchants will become
bankrupt. and debtors by tens of thousands
viii fnd it impossible to meet their obli-
cations. That this condition of things is
in prospect, every thinking man must see.
Mr.. Blaine long since called attention to
the inevitable condition Of things just
Aucdu OI US NOW, unIcSs NE suT6S U6 Ghken
10 prevent it. There never was greater
necessity for prompt and efectuai action
10 prevent unlimited misery
Now there are two modes, and only two,
that are possible to avert the emergency
before u.s. The first is to increase the ex-
pensese of the Government-already too
great-to an enormous extent. No one
claims that the Government has failed to
perform all its duties. But if our tax laws
are not changed, the only way to prevent a
vast accumulation of money in the treasury
Ia to make the disbursements of the Gov
srnment at least $1O0 600, 900 year more
than they are now. This can be done for
no essential jsst or peedful purpose. 1t
can only be done by entering on schemes
Of the most wasteful extravaganza. Such
schemes ara even now Matching in many
fertile brains. We are constantly hearing,
God help us! of ingenious devices for in
creasing public expenditures for the mere
purpose of avoiding the necessity of re-
ducing taxation. Are we ready to consent
to great increase of the csst of govern
ment for any such objectP
For quarter of a century we have been
staggering under mighty burden of taxa
hon. At last, after all these many years
! we have the opportunity Of making great
3 reduction in taxstion without detriment in
= TIE slightest degree to the honor Of the
8 government. or inpxifing itsi efficiency Ii
Al A. = ll-lLN - n